Near bankrupt Worthington exposed again by the Arctic Journal - Greenland Comedy continues

Comments

1. ---

   Thecgman

   6 February 2016, 05:16

   You should see some of the comments on the LSE discussion boards regarding Worthington. Some posters seem to think they have institutional investors lining up to invest in the fledgling conglomerate despite the fact the share has only been trading for 6 weeks in the past 3 years.

   They also conveniently ignore the fact that it’s Whyte and Earley who are running the show despite all the evidence showing that is the case.

2. ---

   Worthingtonian

   6 February 2016, 10:12

   Makes interesting reading in relation to the mythical ‘media assets’.

   http://shestarted.com/2016/01/23/why-im-stepping-down/

3. ---

   Worthington Wonderer

   8 February 2016, 18:56

   Greenlandic Broadcasting Corporation KNR Says GMM Having Money Problems and Asset Stripping Fraud Suspicion.

   (LOCALS SAYING GMM GONE KONKURS LIKE ALL THE OTHER PATRICK NEWMAN DISASTERS!!!!!)

   https://nunaminerals.wordpress.com/greenlandic-broadcasting-corporation-knr-says-gmm-having-money-problems-and-asset-stripping-fraud-suspicion/

   http://knr.gl/da/nyheder/selvstyret-gmm-skylder-os-45-mio-kroner

   Politics · Business ·3rd February 2016 · 15:04 of Charlotte Holten-Møller

   Self-directed: GMM owes us 4.5 million. crowns

   Greenland has yet to see the shadow of the 4.5 million that the British mining company GMM owe them.

   It confirms Permanent Secretary in Naalakkaersuisut President’s department, Søren Hald Møller:

   – No, we have not yet.

   The period far exceeded

   The PA has not only a loan of 4.5 million to NunaMinerals out swimming after last year the company went into receivership. But the interest earned.

   But according to a restructuring plan, which lays down the conditions under which, Greenland Mining Management, GMM will take over NunaMinerals has GMM promised to pay the 4.5 million back to the PA by 5 January 2016.

   But the problem apparently so much for the British mining company to raise the money and get financieringen in place, the Court of Greenland preliminary six times has granted a request by NunaMinerals to delay the suspension of payments in an attempt to gain time and avoid bankruptcy. And it has the right to reject it. The deadline is now postponed to 29 February 2016th

   Dramatic situation

   The lack of funding has also been law firms and Malling Hansen Damm and Kromann Reumert, who oversees the cessation of payments to use a language that signals strong wonder at what is going on.

   Thus will the FSA “spectacular, that there has been a further delay in financieringen”, says the FSA’s latest Vendor Information.

   Also Self-Government Chairman Permanent Secretary wonder:

   – It is somewhat unusual that the deadlines GMM have helped to put not respected, says Permanent Secretary, Søren Hald Møller.

   – We from the PA side could choose to say that now we will not wait more on the money. It seems we just have no interest in. We have everything to gain. And as long as the Court of Greenland believes that there are grounds for ever to explore the possibility of implementing the agreement, so we are waiting to see what happens, says Permanent Secretary, Søren Hald Møller KNR.

   Not only the PA is waiting for its 4.5 million crowns plus interest. So does a strip creditors, which has also been promised that GMM will regularly pay their debts of around 40 million in NunaMinerals back.

   comments

   4 kommentarer

   Henrik Lund-Andersen “The heavily hyped mastermind Patrick Newman has, according to the British web media “Compagnie egde” – which records international companies history – a list of no less than 47 companies that have gone konkurs. Flere with two-digit million owed to creditors.
   Nuna Minerals are all come from the frying pan into the fire and you have to ask former directors / owners which references the new owner has been able to show to qualify as a buyer. It reminds most of all Ebberød Bank.”

   Ole Sørensen “What GMM?”

   Ole Sørensen “Hi Henrik, I have also tried to get capital prospectus for Greenland Mining and Minerals. It is a private company where you can not download the company reports. Perhaps Greenland must check a little more up on him before leaving the Royal Ministry.”

   Henrik Lund-Andersen “Yes, but unfortunately it seems that both the original owners and management have thrown in the towel without making just a reasonable process over whom they leave the company.”

   The possibility also exists that there is a real asset stripping which one or more of the departed / current management uses the completely atypical lengthy bankruptcy to transfer the values of the company and in their own pockets. Debts and obligations are in this case left to society investigation.”

   Ole Sørensen “Henrik Lund-Andersen But Henrik is not the enforcement court is administrator in a payment quenching and possibly the reconstruction? There are well appointed a bankruptcy administrator?”

   Henrik Lund-Andersen “Ole Sørensen – Lawyers Malling / Hansen Damm and Kromann Reumert is supervised cessation of payments. The company is well known not yet in bankruptcy.

   Usually it is the creditors’ interests supervision to protect and in this case, mainly the PA. It is therefore incomprehensible that the PA does not represent their interests but leaves the notorious bankruptcy rider Paul Newmann wheeling and dealing with the company. Just to agreements – settling NM’s debt to the PA – not complied should get the government to put the brakes on.

   Is there leading politicians and other bigwigs who have hidden interests in the company’s values – which may not tolerate the light of day?

   Yours sincerely”

   Ole Sørensen “er det samme artilel som jeg lige har læst: http://arcticjournal.com/oil…/2124/paybacks-glitch…

4. ---

   Cliff Peat

   1 March 2016, 01:22

   The Arctic Journal yesterday suggested that the money to follow through with the NunaMinerals acquisition (by the £1 company Greenland Mining Management Ltd) had not appeared by the deadline date of 29 February.

   They write “The deadline has already been extended multiple times, but the payment, according to Patrick Newman (in grey suit, above), the managing director, will show up “within the next day or two”.

   Money showing up – is that the journalist’s put down or the reality of the vagueness of this whole debacle?

   But with no other options, will the Greenland court allow further, further time?

   http://arcticjournal.com/oil-minerals/2184/worth-wait-gold

   The photo suggests that the Newman and (?) Biggar camp (the lefts) are more worried than the rights.

5. ---

   Worthington Wonderer

   4 March 2016, 03:18

   http://thearcticjournal.com/opinion/2188/which-way-future

   Not even the former CEO of Nuna sees any hope for the business …

   “According to geologist Ole Christiansen, the former managing director of NunaMinerals, Greenland is still not a competitive mining country and missed its chance to capitalise when prices on minerals were good a few years ago.”

   A representative from the Danish business community, Torben Möger Pedersen, the managing director of PensionDanmark, characterised the nascent mineral sector in Greenland as a risky investment, and advocated for minimising what he called “political risk”.

6. ---

   Worthington Wonderer

   27 April 2016, 05:08

   Some backdated Nunaminerals creditors announcements just out – including a revelation that the court appointed supervisors were just two days away from resigning on April 5 as Craig Whyte / Aiden Earley / Doug Ware / Bullshit Biggar / Worthington Group PLC couldn’t raise £20k in the space of a month:

   “March 9, 2016 attorney Ulrik Holsted-Sandgreen informed that an amount of DKK 200,000
   would be transferred as additional security for the supervisors’ fee. However, this transfer
   has still not been made and the investors have now been granted a final deadline to transfer
   the amount to the supervisors.

   If the agreed transfer has not been made by Thursday, 7 April 2016 at noon, the supervisors
   intend to resign”.

   http://www.globenewswire.com/news-release/2016/04/27/833332/0/en/NunaMinerals-A-S-under-suspension-of-payments-Letter-No-9-to-the-Creditors.html

7. ---

   Cliff Peat

   27 April 2016, 09:22

   Almost there? Letter no 10 to the Creditors, relating to the umpteenth extension on 25 April 2016, makes interesting reading.

   It appears that the new London lawyers (LSGA) now acting for the “investors” are stated to be holding £588k, the investors themselves, £160k and the former lawyers £75k. It concludes that they are now just £200k short of having the funds to proceed with the “plan”. The supervisors also remark on lack of documentation relating to the funding.

   https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=708593&lang=en
   (click on the pdf download at the foot of the page)

   Whether the WRN shareholders will ever see any benefit from this saga is still to be seen – it is certain that many lawyers have been paid for their efforts.

   And if I understand the “plan” even slightly correctly, there will be big bucks required to prepare prospectuses and carry out the formalities of listing and RTO of WRN

8. ---

   Naz

   27 April 2016, 15:34

   Even if the Nuna deal goes ahead, why would they purchase WRN which has a £5 million hole in its pension fund and no accounts produced since 2014 for £25 million quid or over?

   In the last 29 months, WRN has traded for 2 months only. That is all. Or you want to get really detailed, 30 trading days in 29 months. Those 3 facts alone, should make anyone with any sense know this won’t end nicely for WRN shareholders. This will get delisted, investors will get strung along for another year or so, deals to come etc etc then Law Financial will get siphoned off on the 1000/1 chance they get a case outcome and they will attempt to pin the entire blame on Tom Winnifrith.